Basra Crude Prices Increase on Tuesday Amid Global Oil Price Rise

Shafaq News/ On Tuesday, Basra crude prices climbed more than 1% in response to the overall increase in global oil prices.

Basra Heavy crude prices saw a 1.33% increase, rising by 94 cents to $71.55.

Similarly, Basra Medium crude prices rose by 1.27%, increasing by 94 cents to $74.70.

Globally, oil prices slipped on Tuesday ahead of data shedding light on U.S. appetite for fuel during the summer driving season, with the Brent benchmark's price structure indicating bulls are retreating.

By 0916 GMT, Brent crude futures were down 41 cents, or 0.6%, at $73.77 a barrel, while U.S. West Texas Intermediate (WTI) futures fell 42 cents, or 0.6%, to $68.95 a barrel, erasing some earlier gains.

Both contracts are trading broadly in the middle of a $10 a barrel range traced since early May.